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Latest Oil Market News and Analysis for July 29
Oil rebounded after a three-day decline as fresh fighting erupted in the Middle East, with continued threats to energy flows.
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Oil rebounded after a three-day decline as fresh fighting erupted in the Middle East, with continued threats to energy flows.
Oil notched its worst three-day stretch in more than six years as traders glommed onto growing signs of deescalation in the Middle East conflict, with both the US and Iran continuing to hold off on attacks.
Oil sank by the most in over three months as the US paused daily strikes against Iran and tankers sailed to load at a recently disrupted Kazakh export terminal, easing supply pressures in a market squeezed on multiple fronts.
Brent crude prices retreated from $100 a barrel as oil was still managing to traverse Middle East trade routes despite the recent escalation in hostilities and White House saber rattling.
Oil surged past $100 a barrel for the first time in two months after Iran-backed Houthi militants said they attacked two Saudi Arabian tankers in the Red Sea, opening a new front in the Middle East conflict and threatening deeper supply disruptions.
Oil climbed, extending this month’s price jump to nearly 30%, as the US and Iran played down the prospect of peace talks and disruptions to global supplies continued to mount.
Brent oil advanced to the highest since early June as traders weighed threats to maritime traffic that span from the Strait of Hormuz and the Red Sea to a key Kazakh export terminal on Russia’s coast.
Oil edged up in a fraught session as traders grappled with a barrage of headlines that suggest a worsening of the Middle East conflict, as well as attempts to bring about a pause in the war.
Oil surged on growing fears the US and Iran could return to full war, threatening flows through the Strait of Hormuz.
Oil dipped, though remains higher for the week, as traders balanced profit-taking with concerns about disruptions to Middle East flows.
Oil narrowly held onto a three-day winning streak as the US launched fresh strikes on Iran in response to a spate of attacks on shipping vessels and American diesel stockpiles posted a sizeable increase.
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